Sunfox Technologies, a Dehradun-based medtech company that makes portable ECG devices, has raised USD 7 million. That is about Rs 67 crore, in a Series A round. Ashish Kacholia, Lashit Sanghvi, Alchemy Capital and 3one4 Capital led the round.
The money has four jobs. It will expand the Spandan platform across India, grow the team, fund research and development, and build regulatory and commercial capability in the US, Europe and Africa.
What the device does
Spandan is built for places where a cardiologist is not available. A user or a health worker records an ECG through a smartphone and sends it to a doctor for interpretation. The reading does not have to happen in the same room.
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The system is AI-enabled and can flag cardiac patterns that need urgent attention. That matters in emergency care, where the gap between a heart attack and a diagnosis often decides the outcome.
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Its software layer, Spandan One, handles remote ECG reviews, case coordination and the management of tele-ECG networks. In public health settings, nurses record the ECG at primary and community health centres. It then goes to doctors or cardiologists at district hubs.
Traction at the village level
Sunfox says about 60,000 Spandan devices have been deployed across India, covering more than 20,000 villages. Its Spandan One platform is used to screen around 5 million patients a year. The company also claims a presence in over 15 countries.
On regulation, Sunfox has approvals in India, Ghana, Kenya, Tanzania and South Africa. It is now pursuing clearances in the US and the European Union. A large part of the new funding will go into that effort.
Who is behind it, and what came before
The company was founded in 2016 by five people: Rajat Jain, Arpit Jain, Sabit Rawat, Nitin Chandola and Saurabh Badola. Its customers today include hospitals, clinics, telemedicine networks, public health programmes and home-based monitoring services.
Sunfox raised about Rs 15 crore, or USD 1.8 million, in 2024, in a round led by Venture Catalysts. Earlier, it appeared on the first season of Shark Tank India and secured investment from all five investors on the panel.
The portable ECG segment is getting busier. Agatsa sells SanketLife devices, and Cardiotrack offers handheld ECG units with remote interpretation. Sunfox’s bet is that its distribution in small towns and villages is harder to copy than the hardware itself.